NET ASSET VALUE:

28.72


EFFECTIVE DATE:

9/22/2017


Change from Previous Day:

$ +0.14


ALLEGIANCE FUND TOP TEN HOLDINGS

6.30/17

Company% of Fund
Apple5.03
Southwest Airlines4.98
Goodyear Tire4.42
Versum Materials4.26
Berkshre Hathaway4.14
Paypal Holdings3.70
BAE Systems3.39
Comcast Corp3.19
Qualcomm3.12
CBRE Group3.04

holdings.pdfPortfolio Holdings

Fund holdings are subject to change at any time and are not recommendations to buy or sell any security.

The American Trust Allegiance Fund Performance

Performance (%) as of: 6/30/17Most Recent Quarter †Year to Date †One Year ‡Three Year ‡Five Year ‡Ten Year ‡Fifteen Year ‡Since Inception ‡ (3/11/1997)
Allegiance Fund3.0012.4421.673.189.805.216.006.46
S&P 500 Index3.099.3417.909.6114.637.188.347.53

† Computations are based on Cumulative Total Returns. ‡ Computations are based on Average Annual Total Returns.

ATAFX Gross Expense Ratio 1.90%

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-800-385-7003.


The Allegiance Fund is a mutual fund that avoids investments in tobacco, alcohol, gambling, pharmaceutical or medical companies. The S&P 500 is an unmanaged index of 500 industrial, utility, transportation and financial companies of the U.S. markets. This index is not available for investment and does not incur charges or expenses.

Tobacco Free, Alcohol Free, Drug Free, Gambling Free.

Information posted on the Allegiance Fund website and the offer to purchase shares is restricted to persons residing in certain jurisdictions; the material being made available is only for persons residing in the United States. The fund does not intend to market or distribute their shares in any country other than the United States.

To obtain a hard copy of the prospectus please call 800-385-7003. The prospectus should be read and considered carefully before investing.


Investments in mutual funds are: Not Insured/Not Guaranteed by any financial institution and are subject to market risk.

The investment advisor is American Trust Investment Advisors, LLC.

The American Trust Allegiance Fund is distributed by Quasar Distributors, LLC.


Mutual fund investing involves risk. Principal loss is possible. The Fund may invest in small and medium-capitalization companies which tend to have limited liquidity and greater price volatility than larger-capitalization companies. The Fund's social policy may cause it to make or avoid investments for social reasons when it is otherwise disadvantageous to do so. The Fund may invest in foreign and emerging market securities which will involve greater volatility and political, economic and currency risks and differences in accounting methods. The risks are particularly significant for funds that invest in emerging markets. The fund may makes short sales of securities, which involves the risk that losses may exceed the original amount invested.

Investments in Real Estate Investment Trusts (REITs) will be subject to the risks associated with the direct ownership of real estate and annual compliance with tax rules applicable to REITs. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. In addition, REITs have their own expenses, and the Fund will bear a proportionate share of those expenses.